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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US DATA
- New home sales slid -8.1% M/M in June (cons -5.4%) after a downward revised +6.3% (initially +10.7%), hitting a two-year low in the process and only just above the pandemic low.
- It adds to last week’s surprising -5.4% slide in existing sales in the continued reaction to the surge in mortgage rates, but separate measures of house prices continued to growth strongly.
- They are only for May but the FHFA and S&P CoreLogic 20-city measures increased 1.4% M/M and 1.3% M/M respectively, only slightly softer than lofty expectations.
- The strength in house prices should continue to filter through to imputed rents in CPI, a category that is clearly already running extremely hot and has been a large driver behind the last two months of upside CPI surprises.
New home sales (white) and 30Y Freddie Mac mortgage rate (green)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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